Mobiles to become digital wallets

The UK's big five mobile phone firms have switched on a payment system that turns handsets into digital wallets. Called PayForIt, the scheme is designed for those buying goods and services with a value of up to £10. The industry hopes it will be used to pay for ringtones, train tickets, parking fees and eventually as a payment system on web shops and sites. Any cash spent via the scheme will automatically be added on to a customer's phone bill.

The scheme standardises the way phones can be used to make payments so the process is the same no matter which operator a customer has signed up for or which handset they are using. Mike Short, chairman of the Mobile Data Association, said PayForIt had been developed as an alternative to other systems such as premium rate SMS.

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News source: BBC News

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